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Computershare CEO quits

Computershare CEO quits

Credited for leadership following GFC

Melbourne-based financial services provider, Computershare, will be under new leadership in the 2015 fiscal year as CEO and president, Stuart Crosby, has advised the company he will step down on June 30.

Crosby will be succeeded by current chief information officer (CIO), Stuart Irving, who has held the role for six years, and first joined the company in 2000.

Having steered the company for eight years, Crosby is credited by chairman Chris Morris for taking Computershare through “the turbulent years following the global financial crisis,” and claims that as a result, the company was one of the few which did not raise equity to strengthen its balance sheet throughout the period.

Morris also said that under Crosby, Computershare has made significant consolidations, expanded key regions such as India and Russia, and extended into new business areas such as loan servicing and utility back office services.

Under Crosby, Computershare’s management earnings per share grew 140 per cent from $0.28 in 2006 to $0.55 in 2013.

Computershare has reported total revenue for the half-year ending December 31 as $972.9 million, marking a 0.4 per cent drop over the corresponding period last year. In its submission to the ASX, the company said that “lower revenue was primarily driven by a stronger US dollar.”

Earnings before interest, taxes, depreciation and amortisation (EBITDA) was $267m, up 10.6 per cent. Net profit after tax attributable to members is $139.4m for the same period, which is an increase of 47.4 per cent year-over-year (YoY). The result was the outcome of loan servicing, class actions, US investor services, and the global network of employee plans businesses.

Furthermore, Computershare reported statutory basic earnings per share (EPS) of $0.25 for the six-month period (up 47.3 per cent). Management adjusted earnings per share was $0.29 (up 9.5 per cent).


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